Pierre Et Vacances Sa · EURONEXT:VAC
Pierre Et Vacances Sa — Groupe Pierre & Vacances - Center Parcs — H1 2025/2026 Earnings Presentation
23 slides from Pierre Et Vacances Sa's earnings presentation, May 28, 2026
Slide 1: H1 2025/2026 Half-Year Results
GROUPE PIERRE & VACANCES — CENTER PARCS · BEYOND REINVENTION H1 2025/2026 Half-Year Results Investor & analyst presentation 28 May 2026 · Paris 1
Slide 2: Disclaimer
IN FORM ATION Disclaimer Financial data disclosed in this presentation are stemming from operational reporting. To reflect the operating reality of the Group's businesses and the transparency of their performance, the Group's financial communication, in line with operational reporting as followed by
Slide 3: Executive Summary: Half Year Performance and Outlook
EX ECUTIVE SUM M AR Y FY 2026 Half Year Performance and outlook 01 02 H1 FINANCIAL PERFORMANCE BEYOND REINVENTION Resilient activity, growing tourism revenues Momentum across every brand ■ Economic revenue €816.8m, +1.8% vs H1 2024/2025, o.w +6.0% for Tourism brands ■ Customer experience at the hear
Slide 4: H1 2026 Financial Performance
01 H1 2026 Financial Performance Tourism revenue up +6.0%, supported by both volume and price. Adjusted EBITDA improving by +€12.5m on a like-for-like basis.
Slide 5: Tourism revenue +6.0% — growth across all brands
H1 2026 FINAN CIAL PER FOR M ANC E Tourism revenue +6.0% — growth across all brands ACCOMMODATION REVENUE: €619.7m +6.2% Revenues – Operational Reporting — H1 25/26 vs H1 24/25 € million H1 25/26 H1 24/25 Evol Center Parcs €377.9m +5.8% Tourism Revenues 805.8 760.3 +6.0% Nights sold +4.2% · Average
Slide 6: Adjusted EBITDA bridge — +€12.5m like-for-like improvement
H1 2026 FINAN CIAL PER FOR M ANC E Adjusted EBITDA bridge — +€12.5m like-for-like improvement REMINDER Adjusted EBITDA bridge — H1 25/26 vs H1 24/25 (€m) The seasonal nature of the Group activities (40% of annual revenue recorded in H1, vs. a quite linear recognition of expenses throughout the year)
Slide 7: Other P&L items — net loss reduced to -€101.4m
H1 2026 FINAN CIAL PER FOR M ANC E Other P&L items — net loss reduced to -€101.4m FINANCIAL CHARGES OTHER OPERATING EXPENSES -€7.1m -€8.2m vs H1 24/25 -€17.4m -€13.2m vs H1 24/25 Includes: -€8.8m booking of the new Center Parcs Friends loyalty program (3-year retroactivity); - Decrease driven by a l
Slide 8: A sound financial structure — positive net cash position
H1 2026 FINAN CIAL PER FOR M ANC E A sound financial structure — positive net cash position NET FINANCIAL DEBT — 31 March 2026 REMINDER -€21.3m Positive net cash position July 2024 debt refinancing with a 5-year €205m revolving credit line. The seasonal nature of the Group's activities structurally
Slide 9: Beyond ReInvention key achievements
02 Beyond ReInvention key achievements Five strategic axes turning resilient activity into measurable, asset-light momentum across every brand.
Slide 10: PVCP: a resilient positioning, aligned with new consumer behaviours
STR ATEG Y & POSITION I N G PVCP: a resilient positioning, aligned with new consumer behaviours In a constrained geopolitical and economic environment, tourism consumption patterns are shifting towards proximity, nature and meaning. The Group is positioned at the heart of these new expectations. 01
Slide 11: Beyond ReInvention — the 5 strategic pillars
STR ATEGIC PLAN - B e yo n d R e In ven tio n Beyond ReInvention — the 5 strategic pillars Our roadmap to deliver the 2030 ambition — becoming the pan-European leader in outdoor leisure hospitality — is structured around five complementary strategic pillars, executed across all our brands and geogra
Slide 12: Capella Avoriaz — reinventing a mountain icon, low-carbon
BEYOND REINVENTION • AXIS 01 · POSITIVE-IMPACT LOCAL TOURISM Capella Avoriaz — reinventing a mountain icon, low-carbon Pierre & Vacances fully renovates a 1975 landmark in Avoriaz — the brand's birthplace — turning a former thermal-sieve building into a low-carbon, family-focused residence. KEY FIGU
Slide 13: Foundation for Families — helping vulnerable families reconnect
BEYOND REINVENTION • AXIS 01 · POSITIVE-IMPACT LOCAL TOURISM Foundation for Families — helping vulnerable families reconnect The PVCP Group Foundation has refocused its mission around helping vulnerable families reconnect — through two complementary programs and three H1 2025/2026 milestones. KEY FI
Slide 14: NPS up across every brand
BEYOND REINVENTION • AXIS 02 · PRODUCT EXPERIENCE NPS up across every brand Customer satisfaction is the most reliable leading indicator of repeat business and ADR — every brand records a Net Promoter Score uplift in H1 2025/2026. NET PROMOTER SCORE · H1 2025/2026 vs H1 2024/2025 CENTER PARCS PIERRE
Slide 15: Center Parcs Villages Nature Paris – Reinventing a flagship park
BEYOND REINVENTION • AXIS 02 · PRODUCT EXPERIENCE Center Parcs Villages Nature Paris – Reinventing a flagship park Center Parcs Villages Nature Paris is becoming a flagship park and a key financial contributor — a multi-year CAPEX program renews the promenade, F&B, leisure activities, accommodation
Slide 16: CP Friends — a relaunched, fully-digital loyalty program
BEYOND REINVENTION • AXIS 02 · PRODUCT EXPERIENCE CP Friends — a relaunched, fully-digital loyalty program Live since 4 December 2025 across the 5 direct-sales markets — a gamified, app-first program designed to turn repeat business into a stronger loyalty growth engine. PROGRAM MECHANICS FIRST RESU
Slide 17: Invest in Technology - Generative AI — a transformation already in motion
BEYOND REINVENTION • AXIS 02 · PRODUCT EXPERIENCE Invest in Technology - Generative AI — a transformation already in motion The Group has made generative artificial intelligence an operational lever of its ReInvention strategy. A pragmatic approach, deployed around three complementary pillars, that
Slide 18: Pierre & Vacances — accelerating European development
BEYOND REINVENTION • AXIS 03 – INVENTORY DEVELOPMENT Pierre & Vacances — accelerating European development 9 new Pierre & Vacances sites — France, Switzerland, Spain and Portugal — a mix of lease and franchise contracts, with first FY 2026 take-overs from spring 2026. 9 847 4 4+5 PIERRE & VACANCES P
Slide 19: Adagio × Sergic — a structuring partnership for French growth
B EYOND REIN VEN TIO N • AX IS 03 – INVENTOR Y DEVELOPM EN T Adagio × Sergic — a structuring partnership for French growth Signed in November 2025, the Adagio–Sergic alliance brings 9 sites and 1,152 keys into Adagio's portfolio — a +8% boost in apartment count and a step-change for FIRST 2030. 01 ·
Slide 20: maeva&co — becoming France's #1 outdoor-leisure franchisor
B EYOND REIN VEN TIO N • AX IS 03 – INVENTOR Y DEVELOPM EN T maeva&co — becoming France's #1 outdoor-leisure franchisor Two structuring H1 deals transform maeva&co's outdoor footprint — Parcel Tiny House (agritourism) joins the platform, and the 5C Développement acquisition brings Camping Paradis an
Slide 21: Empowering the business lines — resources now sit within the brands
B EYOND REIN VEN TIO N • AXIS 05 Empowering the business lines — resources now sit within the brands Since 1 October 2025, four transversal functions previously held at Group level have been transferred to the Pierre & Vacances and Center Parcs business lines — giving each brand full control of the
Slide 22: maeva&co — a corporate rebranding around four activity pillars
B EYOND REIN VEN TIO N • AX IS 05 maeva&co — a corporate rebranding around four activity pillars Launched April 2026, the maeva&co corporate brand integrates all acquired companies and structures the entity around four activity pillars — a concrete step toward maeva’s autonomy within the Group. MAEV
Slide 23: Beyond ReInvention is delivering
GROUPE PIERRE & VACANCES — CENTER PARCS H1 2025/2026 Results · Conclusion Beyond ReInvention is delivering Discussions ongoing on the Group strategic review Resilient H1 activity · rising customer satisfaction · accelerated development · four brands gaining autonomy. 03 FY 25/26 OUTLOOK 01 02 H1 PER
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